Tier 1 Entrepreneur questions

[jafersadeq]

Dear members,

RT-FPS resubmitting with corrections,
My accountant started FPS from the beginning and it was 0.0 for five months because no money out from the business account, when I told him that I need a salary he started filling FPS and he corrected the first five submitting, after that I paid for two employees and he was continuing in submitting FPS, after four months he sent me all FPS he did, I found many mistakes, mistakes in names spelling of the employees and in salaries. I told him about that and he resubmitted it again with correction. Now I have eight pages of FPS, 70% of it with corrections and resubmitting. It is mixed. Is that eligible to meet HO rules? They will find many submissions of FPS.
Please advise.
Thanks

[moongesture]

As per immigration rule related to specified documents RTI-FPS is a vital part of extension application. It is really important to keep your record correct on or before submitting it to HMRC. Still a correction for any error if submitted in-time will not be an issue but obvious mistakes like name and DOB /NI Number etc could reflect badly during credibility assessments.

[jafersadeq]

Dear abdhriz,

Many thanks for your reply,
The FPS I have, just contains the details below and under each item there is a number.
Employee Name, Taxable Grs, Tax, NI Gross, Ee NI, Er NI, Taxable Grs YTD, NI Gr, YTD, Tax YTD, Ee NI YTD, Er NI YTD
There is no details such DOB, NI number, it is in P11.
Please advise

[noajthan]

This is nothing to do with immigration matters.

The universe is clearly speaking to you - get a decent/competent, qualified and experienced accountant with the appropriate tools to do the job

[jafersadeq]

Dear Members,
I want to start another company for properties developments and properties constructions. Is this allowed for Tier1 visa migrant. I will transfer the required funds to its business account as a director's loan, I will use these funds my works in development of properties.
Regards
Jafer

[zimba]

Dear Members,
I want to start another company for properties developments and properties constructions. Is this allowed for Tier1 visa migrant. I will transfer the required funds to its business account as a director's loan, I will use these funds my works in development of properties.
Regards
Jafer

Investment in property development and property management is NOT accepted. However investing in a construction business is OK.

We define property development as any development of property (real estate) owned by the applicant or his business to increase the value of this property with a view to earning a return either through rent or a future sale, or both.

We define property management as the management of property (regardless of who owns it -whether or not it is owned by the applicant or his business) for the purposes of renting it out or for
resale.

[jafersadeq]

Dear Zimba,
Many thanks for your reply.
I mean that I work for people who want to develop their properties, this is a small contract to do developments. I dont want to buy a property and develop it and sell it. I want to sell buildings materials with works to develop the property. I will spend money for those works and the landlord will pay me after finishing the contract.
Please advise
Thanks again
Jafer

[zimba]

Dear Zimba,
Many thanks for your reply.
I mean that I work for people who want to develop their properties, this is a small contract to do developments. I dont want to buy a property and develop it and sell it. I want to sell buildings materials with works to develop the property. I will spend money for those works and the landlord will pay me after finishing the contract.
Please advise
Thanks again
Jafer

Based on the definitions provided, this might classify as property management. This is really a grey area that I suggest to be avoided

[jafersadeq]

Dear Zimba,

I have to avoid it.

I appreciate your advice.
kind regards
Jafer

[jafersadeq]

Dear Zemba,
Is it it ok if I use: SIC 77320 Renting and leasing of construction and civil engineering
machinery and equipment.

Thanks
Jafer

[zimba]

Dear Zemba,
Is it it ok if I use: SIC 77320 Renting and leasing of construction and civil engineering
machinery and equipment.

Thanks
Jafer

I do not know. This is at the discretion of HO

[jafersadeq]

Dear Zimba,

I found this rule in the immigration rules, it says:

47. For the purposes of tables 4, 5 and 6, “investment and business activity” does not include investment in any residential accommodation, property development or property management, and must not be in the form of a director’s loan unless it is unsecured and subordinated in favour of the business.
“Property development or property management” in this context means any development of property owned by the applicant or his business to increase the value of the property with a view to earning a return either through rent or a future sale or both, or management of property (whether or not it is owned by the applicant or his business) for the purposes of renting it out or resale. The principle is that the business income must be generated from the supply of goods and/or services, and not derived from the increased value of property or any income generated from property, such as rent.

Please advise,

Thanks

Jafer

[zimba]

Yes I know. If you want to get involved in construction or property development it is your call.